Saudi Oil Minister Abdulaziz tells CNBC Sullivan "Historic Cut" not 9.7mm but closer to 15mm. Sully believes him !

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According to Goldman analyst it's closer to 4.3mm.  He's correct.

(1) Saudis say they are not targeting U.S. shale.

That's a LIE

(2) Russian Oil Minister says oil cuts are actually over 15 million bbls/day.

That's a Lie

(3) Saudi Oil Minister says oil cuts are actually over 15 million bbls/day

That's a Lie

 

Saudi says of the 9.7 mm bbls "HISTORIC CUT" they are cutting 4mm bbls.  That's funny.  Before the Russian/Saudi breakup and crash Saudis were producing 9.8 mm/day.  They then increased production 2.5 mm to 12.3 mm in anticipation of this cut.   In reality they cut only 1.5 mm/day, 9.8  down to 8.3. That's if they actually make the cuts.

They did the exact same con after the Oct 2018 crash. 

Read Goldman Sach's Analysis

Goldman oil analyst did an analysis and determined the actual cut from OPEC+  2020 Q1 production is only 4.3 mm not 9.7 mm.  

Most OPEC members did what the Saudis did after the October 2018 crash.  Immediately after the crash they increase production 10% to 20% then agreed to a 10% cut to increase prices. Too funny.

Even funnier is the oil analyst from CNBC, RBC, ENERGY ASPECTS, ETC believe them and promote their false narratives ! They believe them because the Prince gave them an interview.  So easily malleable.  Over half the oil analyst are a Saudi toady.

Why do analyst foolishly continue to support their con game. 

The only workable solution for the U.S.  is to cut off both  the imports of crude and refined  petroleum products.  Or in the alternative put a 25% tax on them.  This might hurt the super majors a little, but this is not about them . It's about saving up to 2 million oil jobs in the shale basins.

 

Edited April 14, 2020 by BLA